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NNN KeyBank Ground Lease
King City (Portland), OR
Derrick Schroeder 954-296-6955
Dschroe@SolidInvestmentsFL.com


 
Status: SOLD
Sales Price:
$1,461,301
NOI:
*$93,000
CAP Rate: 6.30%
Building Size: N/A
Lot Size: 0.36± Acres
Years Remaining on Lease: 7± Years
Options: 2 x 5 Year at Market Rent
Lease Commencement:
11/1978
Lease Expiration:
11/2018
Net Lease Investment:
Absolute NNN Ground Lease

Property Description:
Solid Investments is pleased to present an absolute NNN KeyBank located in King City (Portland), OR for $1,670,000 / 5.5% CAP. There are 7± years remaining on the Primary term with a CPI rent increase on 11/1/12 and 2 x 5 year options to renew at market rent. KeyBank has occupied this location for more than 33 years. KeyBank (S&P Rated "A-" | NYSE: KEY) with $90 billion in Assets (as of 2011).

*On 11/1/13 the rent will increase to $92,000 and will remain fixed for the remaining 5-year term. The Seller will provide a credit at closing from the difference of current rent to the 11/13 rent increase. Buyer will still benefit from 11/12 CPI rent increase.

Location:
This is a dense infill location, the Property is located across from a Safeway grocery anchored center and a Marshalls/ Albertsons' shopping center. Other immediate retailers include: Bank of America, McDonald's, US Bank, Chase Bank, Rite Aid and much more (see aerials below). Within a 1-mile radius the total population exceeds 14,000 and over 225,000 people within 5-miles (see demographics below).

King City is southwest of Portland, off Highway 99, just beyond Tigard. Only an hour's drive from the beach and mountains and less than a half-hour to downtown Portland, OR.

About the Tenant:
Corporate Guaranteed KeyBank (S&P Rated "A-" | NYSE: KEY) with $90 billion in Assets (as of 2011). KeyBank is a regional bank headquartered in Key Tower within Cleveland, Ohio's Public Square. As of 2007, it is the 19th largest bank in the United States based on total deposits. It is the 24th largest bank in the United States by total assets.

KeyBank National Association is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency, Department of the Treasury.

KeyBank has approximately 17,468 employees and a diverse client base. Key's customer base spans retail, small business, corporate, and investment clients. There are 985 Key branches located in Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington, and 1,479 ATMs. KeyCorp maintains business offices in 31 states. In 2008, Key was ranked 321 on the Fortune 500 list.

      • Corporate Guaranteed KeyBank (S&P Rated "A-" | NYSE: KEY) with $90 billion in Assets
      • Absolute NNN Corporate Ground Lease
      • Long Time Established Location - More than 33 Years at this Location!
      • Across from a Safeway Grocery Anchored Center and a Marshalls/Albertsons' Shopping Center
      • 7± years remaining on Primary Term
      • 2 x 5 Year Options to Renew at Market Rent
      • Dense Infill Location - 14,000+ People within 1-Mile and Over 225k+ within 5-miles
2010 Demographics
1 Mile
3 Mile
5 Mile
Daytime Population
14,114
92,962
227,237
Avg Household Income
$67,257
$79,683
$89,008
 
Additional Photos
 
 
 
 
 
 
 
Bank of America across the street

The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

The properties shown on this website may or may not be exclusively listed by SOLID INVESTMENTS at Berger Realty Group. All information shown on www.SolidInvestmentsFL.com is believed to be accurate, but is not warranted.

SOLID INVESTMENTS
of Berger Realty Group